The NCUA board voted to finalize a CUNA-supported final rule that gives credit unions more flexibility in managing fixed assets. The rule is the second piece of CUNA-backed regulatory relief involving fixed assets finalized in recent years.
The NCUA outlined prospects for the timing of Temporary Corporate Credit Union Stabilization Fund refunds Thursday, and presented a detailed summary of the condition of the funds. NCUA reported that the current balance of the fund is $1.5 billion.
CUNA is hoping Thursday’s NCUA board briefing on the NCUA guaranteed notes program brings information about when Temporary Corporate Credit Union Stabilization Fund refunds can begin, as well as what can be done to maximize the amount returned
NCUA board member J. Mark McWatters outlined a list of issues he would like to see tackled in 2017 in this month’s NCUA Report newsletter. McWatters credited enhanced communications for allowing the agency to execute a number of changes.
The NCUA board will vote on a final rule giving credit unions more flexibility for the use of credit union-owned fixed assets at its Dec. 15 meeting. The meeting will be the agency’s final board meeting of 2016.
CUNA strongly supports the NCUA’s second proposed field-of-membership (FOM) rule, as it contains important changes CUNA recommended to the agency over the past 18 months. The proposal was issued in October as additional FOM modernizations.
CUNA reaffirmed its support for the NCUA recent rulemaking related to its field of membership rule in response to a lawsuit filed Wednesday by the American Bankers Association against the agency’s final field-of-membership rule.
The NCUA’s final field-of-membership rule was published Wednesday, making it effective Feb. 6. The rule, finalized by the NCUA board in October, facilitates consumer access to credit unions and provides credit unions with more flexibility.
In addition to its vote on the agency’s 2017-18 budget, the NCUA board received two briefings at Thursday’s meeting: one on the 2017 overhead transfer rate and one on the share insurance fund equity ratio and 2017 premium range.
CUNA’s final rule analysis of the CFPB changes to the TRID rule is now available. The rule, published in the Federal Register this week is effective Oct. 10, with a mandatory compliance date of Oct. 1, 2018.
While proposed changes to the CFPB prepaid accounts rule provide some clarity, it will not be helpful for most prepaid card users and CUNA remains opposed to the rule’s application of Regulation Z to certain prepaid cards.